Live Charting April 22, 2021 with Pickle Financial

Hey Everyone,

Welcome to day 2 of Live Charting with me Gherkinit

On the subject of streaming. Since a lot of people messaged me yesterday about this, I will say; I would like to get comfortable with the Live Charting first, once I feel that I can do both simultaneously I will begin live streaming. This is a link to my YT if you guys want to subscribe for notifications https://www.youtube.com/channel/UCYmgi8psSbIWiSR2tefHbug. Probably next Monday at the earliest.

This Post will read from top to bottom, any images over 20 will be deleted as the day progresses.

Questions are always welcome I will reply down in the comments as often as I can.

Historical Resistance/Support:

116.5, 125.5, 132.5, 141, 145, 147.5, 150, 152.5, 156.5, 158.5, 162.5, 163, 165.5, 172, 174, 176.5, 179, 180.5, 182, 183.5, 184.5, 186, 187.5, 190.5, 192, 195, 196.5, 197.5, 200, 209, 211.5, 214.5, 218, 226, 230, 234, 243, 250, 253, 256

Again thank you all for the awards, support and positivity!

End of Day Wrap up

Ding!Ding! Closing price 151.13 down 4.52% on the day, with a total Volume of 4.3 million. We were definitely set up for the lowest volume day in our history. If it weren’t for the fuckery occurring in the broader market I’m sure it would have been.

I want to go over a couple things before I sign off for the day.

GME closed on a nice uptrend I will be be paying close attention to the after and pre markets I’m still looking for a gap up to occur. If not we maybe be looking at more of the same tomorrow.

Also this is were we stand on the pokeball chart as of closing bell. We have dropped out of the wedge slightly and I’m sure depending on how you draw it you could be slightly in or a little more out. So I am looking for an uptick to push us up through the top of this wedge. Options activity picked up a bit today due to low IV. So I think there is decent upward pressure on the stock and I firmly believe we are just waiting on a catalyst.

A note on this wedge. This is just a technical indicator it really has no bearing on the squeeze or any of the fundamentals of the stock it just a intersection of 2 arbitrarily drawn lines where price or volume action is expected*

Edit 45 3:58

I like this close !

Edit 44 3:45

Little bump knocked us above 150. We will see if we can get volume for the last 15 minutes.

Edit 43 3:25

Unless something changes dramatically this will be our closing range between 146-152

Edit 42 3:19

Market is trending down again so the uptrend is breaking down, enjoy the sale!

Edit 41 3:00

Power hour! We need some decent upside to close positive for today volume picked up a little after all the weird market activity let see if we can break out of the current trend to the upside and close up for the day.

Edit 40 2:55

Looking for an uptrend here going into power hour

Edit 39 2:38

Looks like we are bouncing right off that massive wedge on the 5 minute chart. Hopefully heading up to our pokeball intersection.

Edit 38 2:30

So I want to talk about this current up trend for day trading at least this is a nice signal. As you can see each candle begins above the previous candle there are no bottom wicks. This usually indicates a strong uptrend with little resistance.

Edit 37 2:18

I want to say 146.86 is our low but we may dip even lower as long as the market remains unstable this is a great buying opportunity keep your eyes on prices at or below 146.86.

Edit 36 2:13

Looking nice and bullish on the uptrend

Edit 35 2:05

So the overall market is still dropping. It was overblown for weeks now and is definitely due for a correction which seems to be triggered by some capital gains taxes changes. I won’t say this is a crash but it could drag on a bit. GME volume is up 1/3 of our volume today in the last 15 minutes. we should correct upward.

Edit 34 2:00

We are stabilizing against greater market pressure? Is this it? Is everything short?…Stay tuned

Edit 33 1:50

So as long as the market is dropping like this we will continue to trend down

Edit 32 1:40

So that was pretty hectic for me personally but everything is in order now. So I want to talk about the good and the bad of extreme market volatility as it pertains to GME.

The Good: GME has negative beta so it doesn’t move as strongly as the overall markets on downtrends, algorithms and other investors can pick up on this and move capital into GME. Which is buy pressure.

The Bad: People and institutions can move money out of GME to protect other positions. Any selling gives hedgies a leg up.

Edit 31 1:30

So I don’t trade the spy but when things like that happen it’s volatility can really pick up. I suggest keeping a close eye on it for the remainder of the day.

Edit 30 1:27

Ok so it looks like the market is recovering from that crash I had to step away to hedge some positions of mine. Looks like we are reverting with the overall market.

Edit 29 1:20

I have no relevant news on what is happening to the market at the moment but this can hit us pretty hard as lots of people are selling out of positions. Remember holding ain’t easy. Look for good sales hopefully this isn’t anything to panic about. I’ll be updating regularly.

Edit 28 1:13

Ummm, hello market my old friend (SPY)

Spy Mini-Crash?

Edit 27 1:08

So there is actually a bit of volume on this one I think they are gonna try to push us down to the 150-152 channel nice sale price on the intraday. This adds more weight to my suspicion that we have a move coming in.

Edit 26 12:35

I’m gonna get something to eat and more espresso. I’ll post if anything happens but I expect sideways chop in this channel

Edit 25 12:20

Edit 24 12:15

This whole week has been like a shaft-only hand job or whatever the female equivalent of that is.

Edit 23 12:06

This popped up buy side whales might be setting up for power hour.

Edit 22 12:02

No Volume on this drop HODL

Edit 21 12:00

AMC is running a little hot today so I suspect a lot of eyes are on that. I don’t think it necessarily drives people away from GME, but on AMC high interest days GME tends to be a bit slow. If we move though we may get FOMO from the eyes that are over there. I won’t say how I feel about AMC. We did break out of that bull flag into a nice upward trend if volume comes in to support it it could be a good opportunity. Nothing really sell side on the level 2.

Edit 20 11:40

We have a bear flag forming heading down towards that 152 resistance these tend to break up

Edit 19 11:24

Testing new intraday low at 153.66 watch the next couple candles for a breakdown to see if we have a nice fire sale. We can also bounce here with volume.

Edit 18 11:11

Just to be clear I do expect a large move to the upside today as we are starting to see some buy side volume come in. The RSI has been flat on the daily for over a week now. We are as consolidated as can be.

Edit 17 11:10

So it’s actually starting to break to the down side of the giant wedge it would be best to end the day in that upper band between 160-162. (4hr Chart)

Edit 16 10:56

Head and Shoulders expect some action after the shoulder completes. Statistically downward.

Edit 15 10:40

So remember those shares I said they borrowed we just got slapped in the face with some of them

Edit 14 10:38

Honestly this uptrend is interesting some volume might come in on this

Edit 13 10:35

🎊1 million volume!!🎊

Edit 12 10:30

“Well frankly, Mr. Griffin, I don’t want to sell my stock”

Edit 11 10:25

Small bounce @ 154.49 with a little bit of volume, we are gonna test again.

Edit 11 10:14

Little Morning wedge, should break up but may get rejected at VWAP

sub-edit: it broke down expect a bit of a dip here

Edit 10 10:06

These are the top ten lowest volume days for GME since January 1st, 2021

Edit 9 10:02

Looks a lot like yesterday test VWAP get rejected over and over. It’s like high school, why does VWAP only date the cool kids?

Edit 8 10:00

On low volume this is the range I expect us to trade in today. Each band is support/resistance.

Edit 7 9:53

Bounce off 154.5 still trading below VWAP volume is maybe the lowest I’ve seen in the first 30min expect some chop till it picks up. Remember turning VWAP into support is very good for price movement later in the day.

Edit 6 9:51

Here is our pokeball on the 4hr chart looks like tomorrow morning

Edit 5 9:43

This is probably our morning dip coming in look below the 156.5 support for coupons

Buy 1 stock get 1/156th free. haha.

Edit 4 9:41

Options interest is very low calls & puts but IV is also dropping which could set us up well for next week

Edit 3 9:37

I expect the usual morning dip to 152-156 range

Edit 2 9:34

So the 250,000 shares borrowed tells me they are expecting a move.

Edit 1 9:31

Opening candle volume is 122k with a range of 158.02 - 159.38. Shorts have borrowed 250k shares since yesterday’s close at a 1.1% rate. No volume we are dipping.

Premarket Analysis:

I would like to seem a gap fill on this in premarket or in the first part of the day. Those lines you see on the right? You got it that’s the pokeball point! Hopefully filling this will put it near testing that resistance at 175.

pre-edit: so never mind that was a gap fill from the previous day. Need to remind myself to zoom out more often this isn’t day trading :)

pre-edit 2: Looks like it’s are still trying to clear VWAP

pre-edit 3: Very low volume in the pre-market 28.34k @ 9:28

This is not Financial advice. The ideas and opinions expressed here are for educational and entertainment purposes only.